MICHELLE Mone is under investigation by the House of Lords over accusations she sought to profit from her position. 

Glasgow-born Mone was allegedly involved in securing two contracts reportedly worth £203 million for a firm connected to her husband.

The lucrative contracts allowed PPE Medro to supply medical gowns and masks to the NHS. 

The House of Lords Commissioners for Standards today announced a formal investigation.

Mone insisted she has done "nothing wrong" and pledged to cooperate with the inquiry. 

She told the Mirror: "I completely refute these allegations.

“I was asked to help at a time of national emergency. I declared all necessary interests and have done nothing wrong.

“I will cooperate fully with any investigation.”

The investigation will focus on whether Mone declared all her relevant interests and if she profited from her position as a member of the House of Lords.

Mone was accused last year of being part of the government's "VIP lane" for bumper public contracts. 

The Department of Health and Social Care (DHSC) has confirmed she referred Medpro at the start of the pandemic when the Government was paying out huge fees without tender for PPE.

The firm, which was created in May 2020, was administered by Knox House Trust (KHT), an Isle of Man corporate services firm run by Mone’s husband, Douglas Barrowman.

The company was ultimately awarded £203 million via two PPE contracts, having been fast-tracked through the “VIP” lane for businesses which had high-level connections to Conservative politicians and Downing Street.

Her lawyers have previously denied Mone was connected to PPE Medro "in any capacity".

The House of Lords was approached for comment.